Airlines

April 28, 1985|By John Babinchak II

WE NEED THE MONEY. Pan American World Airways announced it was selling its Pacific operations to United Airlines. Background: Pan Am became the first U.S. commercial airline to fly to Asia 50 years ago. Deal: The airline agreed to sell United 18 planes plus its routes and other assets in the Far East. Value: $750 million. Reason: Pan Am's air operations lost more than $220 million in 1984, and it said it needed the money to modernize its fleet.